UK DATA: CPI Changes Delayed a Year

Regarding the UK CPI changes. They have now been delayed until March 2026 rather than coming in in March 2025 as was previously announced.

• This is largely going to impact things like supermarket prices. At the moment no discriminatory pricing is included (so things like Clubcard prices and Nectar prices etc aren't included as you have to be a member but can still purchase at the non-member price) and multibuy discounts (buy one get one free etc) are not included.
• Given that these are increasingly prevalent, particularly since this was the way most supermarkets passed on food price cuts over the past couple of years, the ONS had proposed to look at the entire cost of a supermarket shopping basket and then weight it by how many people pay with and without loyalty cards etc and how many people use the multibuy offers.
• This process has been delayed. So effectively means that we have to wait an extra year rather than March this year.
• Effectively it means that food prices etc are overstated. But they were overstated this year and last year too - so Y/Y and M/M there should be little distortion in the near-term.

Full ONS explanation and details here.